Banks Lead Stock Slump Thursday

US stocks pull back from record highs

By Newser Editors and Wire Services

Posted Mar 2, 2017 3:15 PM CST

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US Stocks Pull Back From Record Highs — Traders follow the IPO for Snap Inc. at the New York Stock Exchange, Thursday, March 2, 2017. (AP Photo/Richard Drew)

Banks and other financial companies led stocks lower on Wall Street a day after indexes soared to their latest record highs, the AP reports. Citizens Financial slumped 3.9% Thursday. Banks had soared a day earlier as investors hoped that higher interest rates would help them earn more from lending. Energy companies fell along with the price of crude oil. Devon Energy lost 2.6%. Shake Shack fell 2.6% after its sales missed estimates.

The Dow Jones industrial average fell 112 points, or 0.5%, to 21,002. The Standard & Poor's 500 index lost 14 points, or 0.6%, to 2,381. The Nasdaq composite fell 42 points, or 0.7%, to 5,861.

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